Gold Is On The Rise Again

Gold Is On The Rise Again Gold is on the rise again. With the depreciating dollar, gold regained its value after reaching its lowest level in the last 5 months. Gold prices halted its depreciation with the weakening of the US Dollar and investors are focusing more on developments in the US economy compared to the vaccine news. With the latest vaccine that Moderna developed for use in the treatment of coronavirus was highly effective and did not cause any safety problems, the company applied for permission to regulatory agencies in the USA. US Federal Reserve (Fed) Chairman Jerome Powell told policy makers that the economy in the US is still fragile and that uncertainty continues despite the vaccine developments. With the developments in the coronavirus vaccine and the increase in global risk appetite, gold prices recorded the steepest monthly decline of the last four years in November.   DailyFX Strategist Margaret Yang Commented on the Subject: “The weakening US dollar seems to support gold prices today. Gold broke the $ 1,800 support level with strong momentum last week, with vaccine optimism and despair over the fiscal stimulus package. The level of technical support can now be around $ 1,750.” Spot gold is trading at $ 1,784.72 an ounce, with a 0.43 percent gain at 08:02 UTC. According to the data announced by Bloomberg, approximately 3.3 billion dollars outflow was made from gold-based exchange traded funds in November.